2002 RES R-20-02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-20-02 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA APPROVING A HOME MORTGAGE FINANCE PROGRAM AND ADDITIONAL HOME FINANCE PROGRAMS IN COOPERATION WITH THE COUNTY OF SAN BERNARDINO AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY. WHEREAS, there is a shortage in the County of San Bernardino (the "County") and in the City of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the County and in the City for such persons; and WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Financing Act") (commencing with Section 52000 of the Health and Safety Code authorize counties and cities under the Act to issue revenue bonds for the purpose of financing home mortgages authorized by the Act, and Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the "Refunding Act," and, together with the Financing Act, the "Act"), commencing with Section 53570 of the Government Code, authorizes the County to issue bonds to refund its revenue bonds previously issued to finance home mortgages under the Act; WHEREAS, the County has determined to engage in a home financing program within the geographic boundaries of the County and certain cooperating cities pursuant to the Act, in connection with the construction, acquisition, rehabilitation or improvement of homes in the County, all as provided for in the Act; WHEREAS, the Board of Supervisors of the County adopted Ordinance No. 2496 on November 17, 1980, declaring its intent to engage in a home mortgage finance program (the "Program") pursuant to the Financing Act and to issue indebtedness pursuant to the Act in furtherance of the Program;